- Genting Singapore’s 1Q25 results reflect a softening operational matrix as tourism spending and foreign visitations are slowing down. Several headwinds such as weakening consumer sentiment from global trade uncertainties and intensifying competition from rival MBS are also emerging, prompting us to revise our earnings forecasts and valuation yardstick lower.
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1Q25: Below expectations.
- Resort World Sentosa (RWS) reported 1Q25 revenue (+2% q-o-q, -20% y-o-y) and EBITDA (+5% q-o-q; -36% y-o-y). Notably, earnings declined significantly y-o-y from 1Q24’s high base which featured exceptionally strong visitations from Taylor Swift’s Eras Tour’s six sold-out concerts.
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Gaming statistics improved q-o-q on commendable volume growth, but declined y-o-y.
- Gaming revenue in 1Q25 surged ~5% q-o-q, mainly reflecting seasonally festive period and school holidays. This resilient growth was largely driven by higher VIP rolling chip volume (+26% q-o-q) despite lower VIP win percentage of 3.39% (4Q24: 3.5%). Mass market’s gross gaming revenue (GGR) also improved 5% q-o-q.
- Gaming revenue -20% y-o-y, mainly due to lower VIP volume (-19% y-o-y), lower VIP win percentage (1Q25:3.39% vs 1Q24: 4.62), and fewer daily available rooms of ~1189 rooms (1Q24: ~1530 rooms).
Non-gaming segments softened both y-o-y and q-o-q.
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